DEFINITION OF EFFECTIVE REFERENCE PRICE.

SEC. 1101. DEFINITION OF EFFECTIVE REFERENCE PRICE. Section 1111 of the Agricultural Act of 2014 (7 U.S.C. 9011) is amended— (1) by redesignating paragraphs (8) through (25) as paragraphs (9) through (26), respectively; and (2) by inserting after paragraph (7) the following: “(8) Effective reference price.—The term ‘effective reference price’, with respect to a covered commodity for a crop year, means the lesser of the following: “(A) An amount equal to 115 percent of the reference price for such covered commodity. “(B) An amount equal to the greater of— “(i) the reference price for such covered commodity; or “(ii) 85 percent of the average of the marketing year average price of the covered commodity for the most recent 5 crop years, excluding each of the crop years with the highest and lowest marketing year average price.” .